The 'Aaruveri' Matching Grant Scheme, which provides financial assistance to businesses operating in the fisheries industry across seven areas, has been launched.
A total of USD 18 million has been allocated under the grant to be distributed across the various sectors.
The Aaruveri Matching Grant was officially launched by Minister of Fisheries, Agriculture and Ocean Resources Ahmed Shiyam at a ceremony held at Manhattan Business School.
The grant scheme is being implemented under the 'TransFORM' project carried out by the Fisheries Ministry with support from the World Bank, with the aim of advancing the fisheries industry and strengthening it financially.
The scheme's key objectives include promoting the use of renewable energy in the fisheries industry, advancing sustainable production practices and creating a favourable environment for small and medium-sized enterprises.
It also aims to develop mariculture as a profitable industry, establish systems to increase value-added fish production, and create more business and employment opportunities for women and young people.
Speaking to PSM News following the launch, Minister Ahmed Shiyam said that one of the biggest challenges to developing the fisheries industry is access to finance. He said that while the government is working to develop the industry, strengthening the private sector remains a priority for the government.
“There is currently no way for those already working in the industry, including those working with small factories, to expand their businesses further. There is no way to develop further. Likewise, those who want to invest in the fisheries industry for the first time do not have access to financial opportunities. This is a very significant financial opportunity. Forty per cent is a grant, which does not have to be repaid. The remaining 60 per cent has to be contributed by the applicant,” Minister Shiyam said.
The scheme prioritises seven specific areas. These include the development of fish feed production factories; installation of energy-efficient systems in fish processing facilities; installation of energy-efficient systems on fishing vessels; urban development on islands designated by the ministry; mariculture activities; development of fish processing facilities; and value-addition activities by small and medium-sized enterprises.
Under the scheme, private companies operating in the fisheries industry, small and medium-sized enterprises, fishermen and individual businesses can apply. Forty percent of the cost of approved projects will be provided as a grant.
Ensuring the sustainability and competitiveness of private companies, small and medium-sized enterprises, fishermen and individual businesses operating in the fisheries industry, while increasing the overall productivity of the industry, is one of the key policies of President Dr Mohamed Muizzu's administration.
The Fisheries Ministry said the scheme represents an important foundation for implementing these policies.
All information related to the grant scheme, including details of the eligible areas and a convenient application process, is available through the dedicated Aaruveri portal, aaruveri.fishagriocean.gov.mv, which is now open to the public.